Following 1 April 2020, the biggest-ever consolidation exercise in the public sector banking space, with the merger of 10 state-run banks came into effect. After the merger, there will be 12 PSUs - six merged banks and six independent public sector banks. -Six independent banks - Indian Overseas Bank, UCO Bank, Bank of Maharashtra, Punjab and Sind Bank, Bank of India, Central Bank of India. As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised and well-regulated. The financial and economic conditions in the country are far superior to any other country in the world. Credit, market and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well. RBI has decided to set up Public Credit Registry (PCR) an extensive database of credit information which is accessible to all stakeholders. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 Bill has been passed and is expected to strengthen the banking sector. In June 2019, RBI sets average base rate of 9.18 per cent for non-banking financial companies and micro finance institutions borrowers for quarter beginning of July. India’s digital lending stood at USD 75 billion in FY18 and is estimated to reach USD 1 trillion by FY2023 driven by the five-fold increase in the digital disbursements Indian banking industry has recently witnessed the roll out of innovative banking models like payments and small finance banks. RBI’s new measures may go a long way in helping the restructuring of the domestic banking industry. Various schemes by the government including the Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantru Jeevan Jyoti Bima Yojana, Atal Pension Yojana, Pradhan Mantri Jan Dhan Yojaa and others.